Goldman Sachs, which downgraded shares of priceline.com (NASDAQ: PCLN), is providing color on the stock.
“We are downgrading Priceline shares to Neutral from Buy as we believe that the anticipated deceleration may arrive sooner than we expected,” Goldman Sachs writes. “We maintain our DCF and multiples derived 6-month price target of $600, implying 12% upside to yesterday's closing price.
“Since our upgrade to Buy on June 15, 2010, Priceline shares are up 187% compared with the S&P 500 up 20%; over the past12 months shares are up 116% versus the S&P 500 up 15%.”
So roughly, GS is calling for a 58% correction from current prices. That should put it below $250 before too long. The ponzi stock market is about to face some reality. Bernanke's tit is swollen and he can't take the sucking anymore.